After Moderna today reported higher than expected profits from the fourth quarter of 2021, AIDS Healthcare Foundation (AHF) reiterates its call for the COVID-19 vaccine manufacturer to share its know-how and technology with the world to boost global production.
Moderna received at least $2.5 billion in US taxpayer funds to develop its vaccine. According to its earnings report today, Moderna logged $7.2 billion in revenue in the fourth quarter of 2021 alone and expects $19 billion in vaccine sales this year, $2 billion more than previously expected.
“We’re not surprised that Moderna continues raking in billions in profits while doing nothing to help low- and middle-income countries produce their own vaccines,” said AHF President Michael Weinstein. “It’s sickening that they took public funds and are using a global public health crisis to line investors’ pockets. Even worse, leaders of rich countries are allowing the pandemic profiteering to persist when they could mandate that Moderna and other vaccine makers share their patents and technology. The world cannot allow big pharma to dictate how we respond to public health emergencies – people’s lives must come before drug company profits.”
More than 10.6 billion vaccine doses have been administered globally, but barely 12% of people in low-income countries have gotten even one dose. Only 18% of people across the African continent have been able to access a single shot.